Mineral Resources

The Juby Project Mineral Resource Estimate (MRE) was completed for the Juby Main Zone (JMZ), Golden Lake Zone (GLZ), Hydro Creek-LaCarte Zone (HCLZ) and Big Dome Zone (BDZ) deposits. Completion of the current updated MREs for the deposits as at July 14, 2020 involved the assessment of a drill hole database, which included all data for surface drilling completed through the autumn of 2018, as well as updated 3D grade-controlled wireframe models, and available written reports.

Juby Project Mineral Resource Estimate, July 14, 2020

Zone Category Tonnes (Mt) Grade (g/t) Contained Au (Koz)
JMZ-GLZ Indicated 20.2 1.12 728
HCLZ-BDZ Indicated 1.1 1.31 45
Total Indicated 21.3 1.13 733
Zone Category Tonnes (Mt) Grade (g/t) Contained Au (Koz)
JMZ-GLZ Inferred 41.5 0.99 1,319
HCLZ-BDZ Inferred 5.6 0.93 169
Total Inferred 47.1 0.98 1,488

Notes:

  1. The classification of the current Mineral Resource Estimate into Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves
  2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  3. All figures are rounded to reflect the relative accuracy of the estimate.
  4. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction by open-pit mining methods.
  5. Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,450 per ounce, processing and G&A costs of US$16, a mining cost of US$2.20 and a gold recovery of 90%.
  6. The QPs of the Juby Technical Report are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.